News of planned tariffs roiled markets last week. Indeed, driven by fears of a possible trade war with China, the Dow Jones Industrial Average lost more than 1,300 points over the course of the week, falling some 5.5% to 23,533 at the closing bell on Friday.
As noted recently here in News from the Notch, the tariff was an important issue for President Coolidge, who was a strong supporter of trade protectionism. The forthcoming issue of the Coolidge Quarterly, which hits mailboxes this coming week, takes a deeper dive into the issue of Coolidge and the tariff.
The Quarterly's lead article is an interview with trade expert Mary Anastasia O'Grady of the Wall Street Journal.Ms. O'Grady illuminates the impact of sugar tariffs placed on Cuba in the Coolidge era. Ms. O'Grady argues that such tariffs, including the later Smoot-Hawley tariff, were especially damaging because they "hit economies that were not diversified and therefore vulnerable." The impact of the tariffs was to reduce "Latin Nations' standard of living," and inflict "damage to the political culture."
In the second article, Quarterly editor and noted historian David Pietrusza, takes readers through a historical tour of tariff policy from the days of Alexander Hamilton through those of Herbert Hoover, pointing out that tariffs are not a historical anomaly for the Republican party. Indeed, in the words of Mr. Pietrusza, "opposition to cheap labor depressing the living standard of American labor" is an often overlooked "thread [that] courses through the fabric of G.O.P. history." What to make of the debate today? "The arguments are compelling on both sides," Mr. Pietrusza concludes, adding that debates over tariffs "show no signs of vanishing."
Look for the new Coolidge Quarterly in your mailbox later this week. If you can't wait that long, a digital version can be found here.
Each year the Coolidge Foundation encourages Vermont students to discover lessons from the Coolidge presidency by competing for the Calvin Writing Prize.
This year's contest asks students to write a speech theywould deliver as president of the United States urging their fellow citizens to correct an injustice with respect to equal rights for all. Students must use examples from President Calvin Coolidge’s life and values when preparing their speech.
The first place winner will receive $1,500 and the runner-up will receive $500. More information is availablehere.
The deadline to submit is May 11, 2018.
Coolidge Cup Online Tournament
The Coolidge Foundation invites all high school students to compete in the Coolidge Cup Online Tournament qualifier! At minimum, the top four placers from the online tournament will be invited to compete in the Coolidge Cup Championship Tournament taking place July 2 - 4 at Plymouth Notch! More than $10,000 in scholarships and prizes will be awarded to the winners of the 2018 Coolidge Cup — including a $7,500 scholarship for the overall winner.
Students complete by submitting a five minute video either affirming or negating the resolution: “A significant tariff on imported goods from Mexico is a good policy for the U.S. economy.”
The deadline to submit is Friday May 4, 2018. More information, including the online submission form, can be found here.
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